FNZ Taps Euroclear UK to Automate its Fund Settlement Process
The end-to-end automation of the settlement process for managed funds is aimed at reducing operational risk for FNZ, as well as improving its clearing operations.
"This agreement transitions the UK fund market, in which FNZ is the leading provider of fund transaction and custody services in the platform sector, to the delivery-versus-payment model that has existed for many years in the North American fund market and for equities in the UK market," says Christopher James, managing director of the Wealth Services at FNZ. "Our decision to house unit settlement and cash reconciliation with Euroclear significantly enhances the security and automation of the end-to-end process for our customers which are the leading UK platform providers."
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